Bitcoin arrives in USA dentistry
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- Published: Monday, 08 January 2018 07:40
- Written by News Editor
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In the USA a dentist is reported to be buying into the newest category of money by accepting bitcoin currency in his practice. George Carr said: “The first time I gave someone my e-mail and boom, next thing you know I have my money." In the UK several practices are known to accept this new ‘currency’.
Dr Carr is no longer just accepting cash and credit, but also cryptocurrency. Bitcoin is the most popular of the virtual money. He said he is trying to get ahead of the curve. "It's just amazing how many people we get in here so that odds we will start getting more and more money through digital currencies, it's just a matter of time," he said.
Bitcoin, however, is known for its value to be very volatile. You can buy a whole or a piece and there is a limited amount. The going rate for one bitcoin in US dollars is $14,973.67.
Expert Stuart Hall said the sky is the limit. "Nothing like Bitcoin has ever existed before so how do you value it? The market is trying to determine that," Hall said. Transactions are done online and are anonymous. Your account is only known as a code.
A UK dentist told GDPUK: “I have thought about accepting it, I have software on my phone which would accept payments. Issue is the volatility for a payment, you could agree say £1000 in BTC, say 0.125BTC. Tomorrow the BTC is worth £1000 more and the agreed fee is now worth £900. So if I accepted it from a patient, I'd agree the fee and then get payment on that day, then the risk is mine, its done, no arguments in a month's time after it has halved or doubled! Plus if a patient agrees to pay, you might wait one hour for the transaction to go through, so that could be another risk in a small shop.”
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